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No more foreign investment in Hathway: RBI
MUMBAI: The Reserve Bank of India (RBI) has said that foreign investors would not be allowed to purchase further shares in multi-system operator (MSO) Hathway Cable & Datacom as the foreign shareholding in the company has reached the prescribed limit.
The foreign shareholding through GDRs/ADRs/FDI/NRI/PIO/FIIs/RFPIs in the company has reached the prescribed threshold limit.
“Hence, further purchases of equity shares of this company would not be allowed through stock exchanges in India on behalf of FII/RFPIs/NRI/PIOs and through FDI/ADRs/GDRs under Schedule I of FEMA,” the RBI said in a notification.
The central bank said that purchases could be made through the primary market, and the stock exchanges would be subject to Regulation 5(2) of FEMA Notification and other terms and conditions stipulated by the Reserve Bank.
As of quarter ended December 2014, FIIs held 33.82 per cent shares in Hathway.